Attempts by special-interest groups to gain favorable treatment from government are called
a. utility maximizing
b. profit seeking
c. rent seeking
d. profit maximizing
e. rent minimizing
C
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The owner of a pizza shop observes that when she raises the price of a large pizza, her total revenue decreases, and when she lowers the price of a large pizza, her total revenue increases. This suggests that:
A. pizza lovers act irrationally. B. the demand for her large pizzas is inelastic with respect to price. C. the demand for her large pizzas is elastic with respect to price. D. there are few good substitutes for a large pizza.
For a worker to be potentially available, he or she must
A) know about the jobs available at a particular firm. B) be in the relevant geographic market and be willing to work for minimum wage. C) have most of the skills required by the firm only. D) have the skills required by the firm and be in the relevant geographic market.
According to the Fisher effect, if inflation rises then the nominal interest rate rises
a. True b. False Indicate whether the statement is true or false
Which of the following statements is false?
A) Domestic income is the total income earned by the people and businesses within a country's borders. B) National income is the total income earned by U.S. citizens and businesses, no matter where they reside or are located. C) Corporate profits is the largest component of national income. D) National income = compensation of employees + proprietors' income + corporate profits + rental income + net interest.